A bill to amend the Consolidated Farm and Rural Development Act to provide an alternative method of financing the land, equipment, and operating expenses of qualified farm families, including young farmers, and to help provide the farm family with adequate standards of living and the consumer with reasonable prices for agricultural products, and for other purposes.
Agriculture Refinance Act - Amends the Consolidated Farm and Rural Development Act to permit insured loans of up to $1,000,000 to farm owners and operators for refinancing existing indebtedness incurred between January 1, 1973, and December 31, 1977. Allows a repayment period for refinancing loans of 40 years for real estate loans, 12 years for equipment loans, and five years for operating loans. Defers the first payment for the interest and principal of such loans for five years for real estate loans, for three years for equipment loans, and for two years for operating loans.
Introduced in House
Introduced in House
Referred to House Committee on Agriculture.
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